9/4/13

US National Debt Clock

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What would happen to you if you started borrowing money to pay your debts? How much debt do you think you could (and would) rack up if you had no limit? Would you just keep spending? According to the United States National Debt Clock, that's exactly what the government is doing. Our government is currently in debt over 16 Trillion Dollars. If every person in the US were to be held responsible for an equal portion of that debt, you would have to pay over $53,000. Is your own personal debt even that high? Each family would have to chip in over $138,000. Does your family owe that much in debt? The government debt in America is the highest in the entire world, coming in above Greece, Japan, China, United Kingdom and Canada.

It doesn't take a genius to understand the mathematics of living within means. Simply put, the amount of money that you bring in must be higher than the amount of money you spend. If you cannot afford something you must either save up for it or borrow it. Saving money for what you want is a great lesson in self-control, self-discipline, and delayed gratification. Borrowing money for what you want will only put your future in debt because there is no guarantee that you will have the money later. Therefore, if you don't have the cash for it, don't buy it. Teach your children the value of money early. Teach them the word "no" and show them how to save up money they earn. You can do this by assigning each child jobs around the house each day and have them keep track of their chores on a piece of paper, which they turn in to you to get paid for the work they do. Be a good example for your family by watching your own spending and keeping to a budget. Hopefully the government will someday learn these simple guidelines!
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